Air Liquide shares jumped on Tuesday after reports that activist investor Elliott Investment Management has accumulated a position in the French industrial gases group and is pressing management to improve profitability, according to a report by Reuters.
The stock rose as much as 4.2% in Paris before trading around 3% higher, putting it on course for its strongest single-day performance in roughly six months. Air Liquide shares have gained about 20% since the start of the year.
Elliott’s precise stake in the €108bn company remains unclear, but the activist has reportedly been in discussions with Air Liquide for several months, arguing that changes are needed to make the business more competitive and lift margins.
The campaign puts the profitability gap between Air Liquide and its larger US-listed rival Linde firmly in the spotlight.
Linde’s operating margin was around 30% in the middle of 2026, compared with approximately 21% for Air Liquide, according to LSEG data. JP Morgan analysts have pointed to lower revenue generated per employee at Air Liquide as one factor behind the difference, suggesting that further operational efficiencies could be available.
